Vancouver has selected three companies to submit proposals for the city’s multi-million dollar smart card-based fare system, according to The Province.

The new system, slated for service in 2013, will be in the hands of either Thales/ Octopus International Projects, who created Hong Kong’s smart card system; Serco/Parkeon, who operates Perth, Australia’s similar program; or Cubic/IBM, provider of London’s “Oyster Card.”

Under TransLink’s new project, SkyTrain and SeaBus stations will be outfitted with readers that will be able to track each fare collected based on point of entry, departure, route, and time of day, says The Province.

The transit authority claims this data will allow them to tweak the service as necessary to ensure maximum efficiency.

The three companies have until June to develop a formal proposal, and the official contract, which includes operation and maintenance of the system for ten years, will be awarded later this year.